Data-Center Capital Markets Mature as Hyperscale Exits Grow

With data-center development accelerating amid the AI revolution, developers are rightfully posing questions around exit liquidity, or the ability to dispose of assets individually to recycle capital. In an encouraging sign, transaction volume for single assets has risen steadily since 2022, reaching two consecutive record years in 2024 and 2025, MSCI data shows.

Noteworthy too is the growth in sales of hyperscale data centers in newer markets. The U.S. accounted for about half of asset-level volumes in 2015-2019, but that share has fallen to a third in more recent years. China, Japan and Europe have steadily increased their shares, while hyperscale exits have also taken place in emerging Asian data-center markets such as South Korea in 2024 and Malaysia in 2025.

Historically, the vast majority of equity capital had been raised by data-center operators at the platform level, via growth equity injections or platform buyouts. Asset-level transactions were rarer and much smaller, mainly involving retail colocation facilities acquired by operators or enterprise data centers sold on a leaseback basis. 

As the capital intensiveness of the asset class has grown, operators began exploring other forms of recycling capital, from co-investments and joint ventures to “yieldcos” (vehicles holding stabilized assets, distinct from development vehicles). Also pivotal is the creation of data-center REITs and core funds, such as Blackstone Inc.’s Digital Infrastructure Trust in the U.S. and Mitsui & Co.’s core fund in Japan (which just acquired its second asset in 2026).

The proliferation of different transaction and vehicle types signals that the capital-markets universe is maturing, which in turn should help developers underwrite with precision and greater confidence.